ICON (ICX) has joined the ongoing overall market recovery with a 1.50% gain in the last day. ICX’s latest performance has attracted attention as the altcoin has been under bearish influence for the last year.
ICON has suffered a prolonged decline as it has failed to maintain momentum even as other cryptocurrencies have risen. For example, it has fallen nearly 20% over the past year — a significant underperformance — while Bitcoin and Ethereum have risen 134% and 65% on their 12-month charts, respectively.
However, experts predict a significant recovery for ICX as the cryptocurrency market prepares for a unique parabolic rally.
Cryptocurrencies on the verge of a powerful bullish trend
Digital currencies are heading for record highs, with predecessor Bitcoin leading the trend. BTC is targeting crucial resistance in the $62,000-$64,000 range after recovering from $60,000.
A break of the hurdle could trigger a rapid rally to the top of the range, possibly pulling most altcoins higher. Cryptocurrency analysts believe that Bitcoin will continue its current uptrend.
For example, Magnus da Vinci identified an important inverted head and shoulders pattern that suggests the bullish trend could continue towards the $70,000 area.
💡 📈 Bitcoin: Bullish trend#Bitcoin is showing a classic “Inverse Head and Shoulders” pattern, indicating a potential continuation of the bullish trend towards $70,000. pic.twitter.com/7pMTgfyPde
— Magnus da Vinci (@TradingPlusOne) August 23, 2024
This acceleration will take altcoins to new highs. Moreover, the Tether (USDT) dominance chart shows breakout signals that could trigger a significant recovery in previously hard-hit altcoins.
The leading altcoin by market cap, Ethereum, confirms the potential for altcoin prices to rise.
Ethereum Signals Altcoin Season Is Coming
ETH has seen significant moves in the last few months, with metrics pointing to an upward trajectory. For example, data shows that Ethereum balances on exchanges have seen historic drops below 10%.
This represents a significant decline, exacerbating the deficit as the number of tokens available to traders decreases. ETH 2.0 staking contributed to the decline in the exchange balance as more coins were locked in staking contracts, reducing the availability of assets on crypto exchanges.
A token shortage could increase demand, leading to higher ETH prices.
The Relative Strength Index is approaching oversold territory, indicating undervalued conditions. Additionally, the MACD has indicated a possible change in momentum to bullish.
Moreover, investor sentiment towards Ethereum remains stable, with over 65% of holders making a profit (IntoTheBlock data).
Market experts predict altcoin season is coming soon. The market capitalization of all digital tokens, except Bitcoin and Ethereum, has formed a descending wedge.
🚨 ATTENTION: Altcoin season is just around the corner!
The Altcoin Index is currently at its lowest level, and the total market cap (excluding #Bitcoin and #Ethereum) has formed a falling wedge that is currently being held, along with a support level. There is… pic.twitter.com/P1Ag8yJ1QW
— Planfomo (@planfomo) August 22, 2024
A breakout of the descending wedge will trigger a strong rally in most altcoins.
Current price of ICON
ICX is trading at $0.1438 after a significant jump from the daily low of $0.1410. The altcoin looks set to join the expected bull rally, and its discount suggests a huge recovery room.
Such figures can bring significant profits to buyers on the decline.
However, caution remains paramount given ICON’s past performance.
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